Russia will move gradually towards a floating ruble exchange rate, using international reserves for balancing purposes, President Vladimir Putin said at a meeting of the Valdai discussion club.

Russia will move gradually towards a floating ruble exchange rate, using international reserves for balancing purposes, President Vladimir Putin said at a meeting of the Valdai discussion club.

"We'll be monitoring our gold and forex reserves and the national currency's exchange rate. We'll be making a gradual transition to a floating rate, we won't be burning our reserves thoughtlessly, but using them for a certain balancing," he said.